TRINITY Mirror chief executive Sly Bailey took home £1.43m last year after profits at the newspaper group fell from £124.2m to £72.7m. Bailey’s package included a £671,000 bonus for reaching certain targets and is well up on last year’s £757,000.
A spokesman for Trinity Mirror told City A.M. last night that the company’s operating profits were ahead of consensus estimates and its cost-cutting efforts were £5m ahead of target.
During the year the group reduced its employee headcount by 1,700, which is 20 per cent of the total. Finance director Vijay Vaghela received a package of £791,000.
Trinity Mirror’s annual report, which was out yesterday, describes how the group is a “leaner and fitter” business, ready to take advantage of fresh opportunities.